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Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, about 50% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% in 2008, before the world recession caused a contraction in 2009. This spending, combined with recent minimum wage hike...  More..

Economy of Venezuela
SOURCE: CIA - The World Factbook
Currency Bolivar Fuerte
GDP (PPP) $350.1 billion (2009 est.)
GDP (per capita) $13,100 (2009 est.)
Exports $51.99 billion (2009 est.)
Imports $41.04 billion (2009 est.)
Main Industries Petroleum, Construction Materials, Food Processing, Textiles; Iron Ore Mining, Steel, Aluminum; Motor Vehicle Assembly
Exports - Commodities Petroleum, Bauxite and Aluminum, Steel, Chemicals, Agricultural Products, Basic Manufactures
Imports - Commodities Raw Materials, Machinery and Equipment, Transport Equipment, Construction Materials
Exports Partners US 39.8%, Netherlands Antilles 7.6%, China 4.6% (2008)
Imports Partners US 26.1%, Colombia 12.6%, Brazil 10.7%, China 6.9%, Mexico 4.8% (2008)

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